Building societies have accounted for 89% of UK mortgage market growth so far in 2024, according to new figures from the Building Societies Association (BSA).

The Marsden Building Society says the data, covering the period from January to September, reflects the increasing role of member-owned lenders in the residential mortgage market.

The figures were released as part of the BSA’s ‘Original Money Movement’ campaign, which aims to highlight the social and economic value of mutuals. The Marsden, a specialist in later life and expat mortgages, has responded by broadening its lending criteria across several of its ranges to support further growth and to ensure intermediaries can offer a wider choice of options to their clients.

Rob Pheasey, chief executive of Marsden Building Society, said: “We’ve never lost sight of our purpose, which is to build something better for our people, our communities and our members.

“This data from the BSA highlights the significance of building societies and the importance of innovation to better support our communities. We work closely with our intermediary partners to ensure our mortgage portfolio evolves alongside the needs of our borrowers. We’re also undergoing significant IT investment to ensure a five-star service for brokers and their clients, without compromising on the human elements of our process, which intermediaries have come to rely on.

“I’m proud that our approach to business differs from banks. We represent the original money movement, established by ordinary working people for ordinary working people, to help our communities thrive.”

Building societies, owned by their members rather than shareholders, have seen a resurgence in public trust and relevance in recent years. The BSA’s research shows that customers are more likely to view building societies as playing an important role in their local area. Some 72% of building society customers feel these organisations are an important part of their community, compared with just 54% of bank customers.

The Marsden, which is celebrating its 165th year, continues to invest in its high street presence with a rolling programme of branch refurbishments. This commitment reflects a broader trend identified by the BSA: building societies are more likely than banks to retain a high street presence. Today they hold 30% of the UK’s high street bank branches, a significant increase from 14% in 2013.

In a further demonstration of community focus, the Marsden has opened applications for its 2025 Charitable Foundation, offering grants of up to £3,000 to local projects and causes across Lancashire.